Answer:
$6,800
Explanation:
Calculation for How much of a tax deduction will Kaye be able to deduct (assume 10% floor for deduction)
Tax deduction=$11,600-(10%*$48,000)
Tax deduction=$11,600-$4,800
Tax deduction=$6,800
Therefore the amount of tax deduction that Kaye will be able to deduct (assume 10% floor for deduction) is $6,800
Answer:
January 24, 2022, Madonna Inc.'c account is written off
Dr Allowance for doubtful accounts 4,245
Cr Accounts receivable 4,245
the cash realizable value of the accounts receivable account:
- before the write off = $653,700 - $24,200 = $629,500
- after the write off = ($653,700 - $4,245) - ($24,300 - $4,245) = $629,500
The net balance of the account does not change because the allowance for doubtful accounts is a contra asset account that already decreased the accounts receivable balance.
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<span>agreement to modify an existing contract would be the answer</span>